The Central Bank of Nigeria (CBN) has taken action to clamp down on illegal Point of Sale (PoS) operators in the country. This move is aimed at protecting consumers from fraud and ensuring a level playing field for legitimate businesses.

Illegal PoS operators have been known to engage in fraudulent activities such as skimming, which involves stealing credit card information from unsuspecting customers. They also often charge ridiculously high fees, which hurts both consumers and legal businesses.

To combat this problem, the CBN has issued new regulations for PoS operators. All operators must now register with the CBN and comply with strict security standards. These standards include the use of secure terminals and encryption to protect customer data. Operators who fail to comply with these regulations will be subject to penalties, including fines and revocation of their operating licenses. Read More>>>

https://toptechblitz.com.ng/cbns-new-regulations-on-pos-operators-what-you-need-to-know/

Misplaced priority. Which POS operator is illegal if not the one Police use to extort money